TIDMFCIF
RNS Number : 8467A
Funding Circle SME Income Fund Ltd
14 September 2018
Funding Circle SME Income Fund Limited Ordinary Shares (FCIF) -
August 2018 monthly report
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN
PART, IN OR INTO THE UNITED STATES
*****
14 September 2018
Net Asset Value ("NAV") - Ordinary Shares (ISIN
GG00BYYJCZ96)
At 31(st) August 2018, the NAV attributable to the Ordinary
Shares of Funding Circle SME Income Fund Limited (the "Company")
was GBP329.31m (31(st) July 2018: GBP328.88m). The NAV per Ordinary
Share as at 31(st) August 2018 was 98.55 pence (31(st) July 2018:
98.42 pence).
The NAV total return in August 2018 was +0.1% (July 2018:
+0.4%), reflecting an increased impairment charge attributable to
two factors:
-- During August the gross assets of the Company increased
following drawdown and deployment of the upsized Citi leverage
facility and this resulted in an upfront impairment provision under
IFRS9. However, the benefit of higher income and cash receipts from
the enhanced leverage will be felt from September onwards.
-- Whilst the number of defaults from US loans in August was
broadly in line with previous months (seven versus a 2018 average
of six), the value of these defaulted loans was higher than the
2018 average. The Company has been advised that this outcome is
well within normal month-to-month statistical variability and US
credit performance as a whole remains in line with
expectations.
The Company has published its monthly factsheet to the end of
August 2018, containing information about the Company's financial
position, performance and prospects, which is available at the
Company's website at http://fcincomefund.com/documents/.
Dividend
The Company today declares a dividend of 1.312 pence per
ordinary share payable on 31 October 2018 to shareholders on the
register as at the close of business on 28 September 2018 (the
record date) and the corresponding ex-dividend date will be 27
September 2018.
This is in line with the Company's guidance published on 29 June
2018 that it will pay a fully covered annual dividend of 5 to 6
pence per share for the twelve month period commencing 1 July
2018.
The Board has decided to offer shareholders a choice to receive
dividends in cash or in shares via scrip dividend. Further details
on the scrip dividend alternative will be sent to shareholders in
due course.
CONTACTS
Richard Boleat, Chairman
+44 (0) 1534 615 656
Richard.Boleat@fcincomefund.com
Secretary and Administrator
Sanne Group (Guernsey) Limited
FundingCircle@sannegroup.com
+44 (0) 1481 739810
Media Contact
fcifpress@fundingcircle.com
PR Agency
TB Cardew
Tom Allison, Emma Crawshaw or Alycia MacAskill
+44 (0) 207 930 0777
Corporate Broker
Numis Securities
Nathan Brown
+44 (0) 207 260 1000
n.brown@numis.com
Investor Relations
ir@fcincomefund.com
Website
www.fcincomefund.com
The ISIN number of the Ordinary Shares is GG00BYYJCZ96, the
SEDOL code is BYYJCZ9 and the TIDM is FCIF.
The LEI number of the Company is 549300ZQIYQVNIZGOW60.
*****
ABOUT FUNDING CIRCLE SME INCOME FUND
The Company is a registered closed-ended collective investment
scheme registered pursuant to the Protection of Investors
(Bailiwick of Guernsey) Law, 1987, as amended and the Registered
Collective Investment Scheme Rules 2015 issued by the Guernsey
Financial Services Commission ("GFSC").
The Company's investment objective is to provide shareholders
with a sustainable and attractive level of dividend income,
primarily by way of investment in Credit Assets as defined in the
Company's Prospectus.
*****
IMPORTANT NOTICES
This announcement contains "forward-looking" statements, beliefs
or opinions. These forward-looking statements involve known and
unknown risks and uncertainties, many of which are beyond the
control of the Company and all of which are based on its directors'
current beliefs and expectations about future events.
Forward-looking statements are sometimes identified by the use of
forward-looking terminology such as "believes", "expects", "may",
"will", "could", "should", "shall", "risk", "intends", "estimates",
"aims", "plans", "predicts", "projects", "continues", "assumes",
"positioned" or "anticipates" or the negative thereof, other
variations thereon or comparable terminology, or by discussions of
strategy, plans, objectives, goals, future events, assumptions or
intentions. These forward-looking statements include all matters
that are not historical facts. Forward-looking statements may and
often do differ materially from actual results. They appear in a
number of places throughout this announcement and include
statements regarding the intentions, beliefs or current
expectations of the Board or the Company with respect to future
events and are subject to risks relating to future events and other
risks, uncertainties and assumptions relating to the Company's
business concerning, amongst other things, the financial
performance, liquidity, prospects, growth and strategies of the
Company. These forward-looking statements and other statements
contained in this announcement regarding matters that are not
historical facts involve predictions. No assurance can be given
that such future results will be achieved; actual events or results
may differ materially as a result of risks and uncertainties facing
the Company. Such risks and uncertainties could cause actual
results to vary materially from the future results indicated,
expressed or implied in such forward-looking statements. The
forward-looking statements contained in this announcement speak
only as of the date of this announcement. Nothing in this
announcement is, or should be relied on as, a promise or
representation as to the future. The Company disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained in this
announcement to reflect any change in its expectations or any
change in events, conditions or circumstances on which such
statements are based unless required to do so by applicable law,
the Prospectus Rules, the Listing Rules or the Disclosure Rules and
Transparency Rules of the FCA. No statement in this announcement is
intended as a forecast or profit estimate.
Neither this announcement nor any copy of it may be made or
transmitted into the United States of America (including its
territories or possessions, any state of the United States of
America and the District of Columbia) (the "United States"), or
distributed, directly or indirectly, in the United States or to US
Persons (as such term is defined in Regulation S under the US
Securities Act of 1933, as amended (the "Securities Act"). Neither
this announcement nor any copy of it may be taken or transmitted
directly or indirectly into Australia, Canada, Japan or South
Africa or to any persons in any of those jurisdictions, except in
compliance with applicable securities laws. Any failure to comply
with this restriction may constitute a violation of United States,
Australian, Canadian, Japanese or South African securities laws.
The distribution of this announcement in other jurisdictions may be
restricted by law and persons into whose possession this
announcement comes should inform themselves about, and observe, any
such restrictions. This announcement does not constitute or form
part of any offer or invitation to sell or issue, or any
solicitation of any offer to purchase or subscribe for securities
in the United States, Australia, Canada, Japan or South Africa or
in any jurisdiction to whom or in which such offer or solicitation
is unlawful.
*****
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END
MSCGGUWUBUPRGGC
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